Zomato reports net profit of Rs 175 crore for the January-March

Revenue rose 73 percent year-on-year to Rs 3,562 crore at a time when the broader e-commerce sector is reeling under the pressure of high inflation and muted demand.

By  Storyboard18May 13, 2024 4:38 PM
Zomato reports net profit of Rs 175 crore for the January-March
During the same quarter last year, Zomato had posted a net loss of Rs 188 crore and a revenue of Rs 2,056 crore. (Image source: Moneycontrol)

Zomato reported a net profit of Rs 175 crore for the January-March (Q4) period, marking the fourth straight quarter of the food aggregator’s earnings coming in the green.

Revenue rose 73 percent year-on-year to Rs 3,562 crore at a time when the broader e-commerce sector is reeling under the pressure of high inflation and muted demand.

During the same quarter last year, Zomato had posted a net loss of Rs 188 crore and a revenue of Rs 2,056 crore.

Zomato's Year-on-year topline growth accelerated to 61 percent and continues to trend above the stated outlook of 40 percent+;Growth driven by robust growth in both food delivery and quick commerce.

Bottomline continues to expand and grow with Adjusted EBITDA at Rs 194 crore. Margin expansion continues in both food delivery and quick commerce. Quick commerce business gets to Adjusted EBITDA breakeven milestone for the month of March 2024

On Shareholder value creation:

“We could not have imagined the current state of all four of our businesses – food delivery, Blinkit, Going-out and Hyperpure. I think the team has executed phenomenally well over the last couple of years, and continues to stay (more or less) focused with their ears to the ground. Our journey in the last two years has, in so many ways, increased the expectations our stakeholders have from us and we will try our best to live up to them“ - Deepinder Goyal, Founder & CEO, Zomato

On Blinkit’s growth vectors: “One of the key vectors for growth for us right now is store expansion. In Q4FY24, we added 75 net new stores taking our total store count to 526. In the current quarter (Q1FY25), we expect to add another 100 stores. At this point, we are aiming to get to 1,000 stores by the end of FY25 .” - Albinder Dhindsa, Founder & CEO, Blinkit

On profitability

“On the profitability front, consolidated Adjusted EBITDA was INR 194 crore and improved by Rs 369 crore as compared to the same quarter last year. Quick commerce business turned Adjusted EBITDA profitable in the month of March and Hyperpure losses also reduced meaningfully.” - Akshant Goyal, CFO, Zomato

On Shareholder value creation:

“We could not have imagined the current state of all four of our businesses – food delivery, Blinkit, Going-out and Hyperpure. I think the team has executed phenomenally well over the last couple of years, and continues to stay (more or less) focused with their ears to the ground. Our journey in the last two years has, in so many ways, increased the expectations our stakeholders have from us and we will try our best to live up to them“ - Deepinder Goyal, Founder & CEO, Zomato

On Blinkit’s growth vectors:

“One of the key vectors for growth for us right now is store expansion. In Q4FY24, we added 75 net new stores taking our total store count to 526. In the current quarter (Q1FY25), we expect to add another 100 stores. At this point, we are aiming to get to 1,000 stores by the end of FY25 .” - Albinder Dhindsa, Founder & CEO, Blinkit

On profitability

“On the profitability front, consolidated Adjusted EBITDA was INR 194 crore and improved by Rs 369 crore as compared to the same quarter last year. Quick commerce business turned Adjusted EBITDA profitable in the month of March and Hyperpure losses also reduced meaningfully.” Akshant Goyal, CFO, Zomato

First Published on May 13, 2024 4:38 PM

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